Premium Brands Holdings Corporation

Sales from continuing operations were record $2.4 billion, up $495 million or 26.3% year over year. Adjusted EBITDA was $225 million, up $51.2 million or 29.5%. Adjusted earnings were $79.6 million, and adjusted EPS was $1.53 per share, up 37.2% and 17.7%, respectively. Net earnings were $70.9 million versus $27.9 million in Q2 2025. Organic volume growth was $82.4 million, or 10.7%, and U.S. Protein organic volume growth was 25%. Capital expenditures from continuing operations were $59 million. Guidance for 2026 was revised to revenue of $9.1 billion-$9.3 billion and adjusted EBITDA of $840 million-$870 million, with management saying the revision reflected delays in new product launches and promotions, exiting unprofitable sales, and weaker foodservice demand.

George Paleologou framed the quarter as a key inflection point and said the company is seeing tangible returns from the multi-year capital spending cycle that began in 2022. He emphasized the shift in consumer demand toward cleaner, healthier, more nutrient-dense foods and said the company has its most robust business development pipeline ever, with new launches, limited-time offers, listings, and rollouts ahead. He was upbeat about the outlook, saying the company remains on track to meet or exceed its 2027 plan for $10 billion in sales and $1 billion of EBITDA.

Will Kalutycz highlighted record Q2 sales of $2.4 billion and adjusted EBITDA of $225 million, both up strongly year over year, with growth driven mainly by acquisitions, organic volume, and pricing. He noted adjusted EPS of $1.53, net earnings of $70.9 million, and that net free cash flow turned positive at $68 million, which he called a major inflection point after four years of negative net free cash flow. He also said debt-to-EBITDA improved to 3.8:1 from 4.3:1, Q2 capex was $59 million, only $41.6 million remains in the $1.1 billion investment plan, and longer-term total debt-to-EBITDA is expected to reach 3:1 or better by early to mid-2027.

There was no analyst Q&A in the provided transcript. Management instead proactively explained the guidance cut: delays in certain new product launches, a customer pushing several large promotions from the second half of 2026 into early 2027, exiting unprofitable sales tied to the Ontario beef plant shutdown, and weakening consumer demand in parts of foodservice. They also said startup and restructuring costs should keep declining as more of the new capacity reaches base operating parameters.